Reason why businesses should accept Bitcoin payment

[habebe]

most people now 50%already use bitcoin and there are also businesses that accept bitcoin payment so there is a reason that bitcoin will be accepted soon in patronized stores, maybe because there is not enough cash and usually cases are now using  of digital payment like credit card and also now promoting bitcoin somehow.

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[phillipjackson]

If they do so, then it means you don't have to pay outrageous international bank fees, and there is no point in waiting 3-5 days for processing of your transactions.

[Abiky]

I think,,, you should ask businesses if volatility is important or not.

Why do 90% of merchants who accept Bitcoin only accept fiat settlement as you say? Because of volatility! That means they use stuff like Bitpay,,, which actually means merchants do NOT have Bitcoin wallets. You pay with BTC, Bitpay changes it to fiat and gives it to the merchant. So this really means they are not even accepting Bitcoin,,, just letting people pay with Bitpay or whatever gateway.

Guess how much fees they have to pay to accept that. And have you seen Bitpay's fees to you as a user? You actually sometimes have to pay more to use Bitcoin.

And then refund. What happens if you paid 1 btc when price was 60k and then when customer request refund of 1 btc, but price is 70k? Bitpay will bill the merchant the new price, probably worse rate than spot!

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

[leea-1334]

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

Exactly! I am a big fan of crypto for sure but the problem that people do not realize with business is that volatility is problematic because at the end of the day they pay bills, salaries, loans, rent, suppliers, everything all in fiat. This is nice to know if crypto always goes up but if it goes down then they can get in debt very quickly.

So crypto is not a good solution and stablecoins maybe (if you use Layer 2 then fees is not problematic.

[Tellek Garing]

I think,,, you should ask businesses if volatility is important or not.

Why do 90% of merchants who accept Bitcoin only accept fiat settlement as you say? Because of volatility! That means they use stuff like Bitpay,,, which actually means merchants do NOT have Bitcoin wallets. You pay with BTC, Bitpay changes it to fiat and gives it to the merchant. So this really means they are not even accepting Bitcoin,,, just letting people pay with Bitpay or whatever gateway.

Guess how much fees they have to pay to accept that. And have you seen Bitpay's fees to you as a user? You actually sometimes have to pay more to use Bitcoin.

And then refund. What happens if you paid 1 btc when price was 60k and then when customer request refund of 1 btc, but price is 70k? Bitpay will bill the merchant the new price, probably worse rate than spot!

Of course volatility is a huge factor for business

If that's the case, then businesses are better off with Fiat as payment method. They could choose stablecoins if they want to, but then they'll have to deal with the underlying blockchain network's scalability issues. Imagine trying to withdraw a stablecoin on an congested blockchain network like Ethereum and having to pay huge fees in return. It wouldn't be feasible to run a business this way. It's all a matter of convenience and ease of use. Knowing that Bitcoin has many limitations, I don't see major businesses joining the game anytime soon. At least, Bitcoin is doing well as an alternative to the current monetary system. As long as it remains decentralized, nothing else matters. Just my opinion

Well the fact still remains that if business can adopt lightning network for they transactions and being able to serve all it underlying problems then Bitcoin will still remains the best option for payments.

[KaliLinux]

I totally agree with this, accepting Bitcoin in buisnesses today should be one of the biggest things that'll happen in the economy, it saves you so much stress and unnecessary charges that would have been made using FIAT.

I do understand if some businesses want to accept Bitcoin for their services or goods but what I don't understand is why some people now think that Fiat has unnecessary charges associated with it with regards to doing business. Before Bitcoin, Fiat has been the main means for a transaction and still is even now, and don't also forget that Bitcoin too, does have Fees for transactions. I just believe that whatever form is best for anyone/organization is what they should go with even if it's both.

[dimonstration]

I totally agree with this, accepting Bitcoin in buisnesses today should be one of the biggest things that'll happen in the economy, it saves you so much stress and unnecessary charges that would have been made using FIAT.

I do understand if some businesses want to accept Bitcoin for their services or goods but what I don't understand is why some people now think that Fiat has unnecessary charges associated with it with regards to doing business. Before Bitcoin, Fiat has been the main means for a transaction and still is even now, and don't also forget that Bitcoin too, does have Fees for transactions. I just believe that whatever form is best for anyone/organization is what they should go with even if it's both.

The transactions being referred to is the time you will buy or cashin some bitcoin. Here in my country it was still not popular due to some users who expects no transactions fee when cashing in . There are fees or less amount they will get in btc when they buy and see it in their apps. They are not aware yet that those fees can be recovered once their crypto pump if only they will hold and trade. Some just see the negative side but didn’t bothers to tackle what benefits they can get more. So those who really know crypto should only accept btc and when ask by their customers they can explain it how it really works to convince them.

[karanggatak]

most people now 50%already use bitcoin and there are also businesses that accept bitcoin payment so there is a reason that bitcoin will be accepted soon in patronized stores, maybe because there is not enough cash and usually cases are now using  of digital payment like credit card and also now promoting bitcoin somehow.

im not sure if half population using crypto, and its hard to reach 50% all of the world until some years. in my place, crypto still taboo, something strange, and hard to know by people here.

profit will be gain be buyer and seller. sometimes one of the other will regret after paying or receive because of fluctuation number.

[Questat]

We are now in the computer era, more and more things happen online and I think we should have to embrace and adopt such changes for us to become more productive. To adopt crypto and even make use of it doesn't mean that we are ripping off fiat money, it was just an alternative and I think it was very clear to us.
The use of crypto is still limited at this time, only a few have already accepted this. if this going to happen that establishments have this payment option, it could really be expected that many will also spend their crypto rather than converting it to fiat money and they save time in return.

[ChiBitCTy]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

[Hippocrypto]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

Indeed. It will make your business a little unique. Adding bitcoin as a means of payment will give you a better security. It will also avoid chargebacks. If i have my own business in the future, I would do it. Accepting payments with bitcoin is currently a great move and can earn more profit from bitcoins. But, you must also be ready and have a plan or strategies whenever bitcoin price dump because if ever you don't have, you might lose your money on it.

[RILWAN]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

I believe same as bitcoin will serve as edge over every transaction most especially in a business setting that payment is required and speed and scalability is desired. Cross border payment will be made easy.

[Natalim]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

I believe same as bitcoin will serve as edge over every transaction most especially in a business setting that payment is required and speed and scalability is desired. Cross border payment will be made easy.

Talking about speed, that becomes unmeasurable knowing that it adds more traffic on the networks once we all use crypto. I expect delays during that time and I think this needs to address first before we got this biggest change and adoption. And we have to consider the fees and might to happen the people will still choose fiat money if that they can save the fees. Time and convenience really matter but if the confirmation is still in delays, can be a problem.

[rodskee]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

I believe same as bitcoin will serve as edge over every transaction most especially in a business setting that payment is required and speed and scalability is desired. Cross border payment will be made easy.

That is the main objective of the creator to make no boundaries in transacting , faster and even easier .
But like what mentioned in above me , it is the Fee that most has concerned specially when congestion happens in which makes the fees more than multiple times than fiat sending.
and also People must learn how to use lightning network as this is really the best tools for small transacting , lets admit that until now only few are using this way even in micro transactions .

[dortheamangum]

There’s no government authority that controls Bitcoin, which is the main reason behind its transparency. Decentralised Finance (De-Fi) provides plenty of advantages to investors and customers by eliminating central oversight and unnecessary intermediaries which reduces the overall transaction costs and time. Businesses should accept Bitcoin payments to avail these benefits of De-Fi.

[Ebede]

There’s no government authority that controls Bitcoin, which is the main reason behind its transparency. Decentralised Finance (De-Fi) provides plenty of advantages to investors and customers by eliminating central oversight and unnecessary intermediaries which reduces the overall transaction costs and time. Businesses should accept Bitcoin payments to avail these benefits of De-Fi.

Government have power over everything the thing is that government never come together to attack bitcoin because is if world government is talking the same or come together to have conference because of bitcoin they will succeed by eliminating bitcoin totally, why we are deliberating all this, is because bitcoin is only attacked by separate countries.

[mitchr4]

I think using Bitcoin as a payment in a business is difficult to happen even though there was already some who offer it. Because many businesses accept e-wallet apps with digital transactions also use QR codes, this is like a Bitcoin payment system. And e-wallet is also supported by the government to be used as an easy and efficient payment. It is difficult for Bitcoin to compete if its existence is not recognized by the government.

[Sebas.tian]

Accepting Bitcoin as payment in a business is a good thing, though we have to remember there are two sides which are bullish and bearish. Maybe some businesses are afraid if they'll accept BTC as payment then it drops, but others have taken a risk to accept it and until now they've already made a profit because the price is not bad.

When you accepted bitcoin as a payment in your business, you beginning to feel positive things in your business as never before in your environment. Despite many investors are afraid of market bearish than bullish, it will be better for the investors to understand that when the market is bearish show that profit making is approaching in the market. Now that the price of bitcoin is still reducing in the market which no one know when the price will increase  to $60k before people will start making profits as usual.

[syedakhlaque]

This is the Era of science and technology. There is a trend of modernism and advanceism everywhere. Today, people are ready to accept new ideas and new things. They are eager to participate and want to learn new technology-based things. Crypto is one of the same. Many companies and businesses are accepting payment in bitcoin, Some are making atmosphere to do so. In Future the as the scope and field of Bitcoin will spread more quickly. There will be no problem in receiving and paying payments in bitcoin.

[Kelvinid]

Personally I don't see why many business wouldn't accept bitcoin as a payment form.  I think by adding bitcoin as a payment form it makes your business a bit more diverse in some ways.  I recently helped my dog groomer set up a little stand with a bitcoin QR code to be able to accept bitcoin from her customers.  This kind of set up is such a good idea in my mind.  Helps you diversify your payments into an investment as well.

I believe same as bitcoin will serve as edge over every transaction most especially in a business setting that payment is required and speed and scalability is desired. Cross border payment will be made easy.

That is the main objective of the creator to make no boundaries in transacting , faster and even easier .
But like what mentioned in above me , it is the Fee that most has concerned specially when congestion happens in which makes the fees more than multiple times than fiat sending.
and also People must learn how to use lightning network as this is really the best tools for small transacting , lets admit that until now only few are using this way even in micro transactions .

Even we like it but have to accept that we don't hold the fees and time over transactions as it will depend on the network loads. The congestions give trouble to those who want instant and this can never be possible for now, maybe in the future. Until this time, I think not even reached 1% who accept crypto payment or the number of users.

That I could think sometimes and I think this is really the future of crypto, and that to become solely for investment, not a currency which we thought of before.